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BBBY, CGC, CLVS, DVAX, OMI, PCG, SRNE, WRTC — Stock Charts to Watch

Charts of the Day video for Monday December 9th, 2019


Bed Bath & Beyond Inc. (BBBY) broke out on Monday, in my opinion. Although it didn’t hold the high at 15.71, it still closed up 64 cents, or 4.33%, to 15.41, on 7.95 million shares. I like the way it’s looking now, and I think it’s going to accelerate. I’m looking for 18, and then 21 at some point. Those are the targets. Let’s see if we can get there.

Canopy Growth Corporation (CGC) jumped 2.64, or 14%, to 21.29, on 19 million shares. It appears to have an inverse head-and-shoulders that’s developing, or at least a V-bottom with a right-hand extension. Monday was significant for this stock. Why? Because of the little breakaway gap, a run through the declining topsline and 50-day moving average, and a move up to test resistance right at the 21.56 area, creating as high as 21.49. If it gaps or pops and runs above 22 1/2 on Tuesday, I think this stock could get to 25 pretty quickly. The secondary target on a swing is 29. This stock has come down a long way, folks, but this is the bottom pattern, in my opinion.

Clovis Oncology, Inc. (CLVS) popped 1.10, or 11.45%, to 10.71, with a high of 10.87, on 14 million shares on Monday. After a nasty decline at the beginning of the month, it’s been up two days in a row. I liked the way it acted during the day, but I’m not happy with the lack of volume. So, be careful with this one. I do think it has higher potential, but I also this there’s big resistance near the 11.90 to the 12 range. If it gets through that, it could rocket, especially if the volume increases strongly. I am looking for a test of 13 and 15 1/2 for starters, but anything below 8.70 and you need to stop. Period!

Dynavax Technologies Corporation (DVAX) swing trade is working. It did really good on Monday, popping 89 cents, or 15.6%, to 6.59, with a high of 6.69, on 3.1 million shares traded, with a breakaway out of a wedge. That’s big volume for this stock, the biggest since the breakaway back in Aug. It’s near the top of the channel, and my targets are 8 and 10 going forward.

Owens & Minor, Inc. (OMI) may be breaking out of its coil. It’s been up five days in a row, and on Monday it moved up 16 cents, or 2.12%, to 7.70, with a high of 7.75, on 1.3 million shares traded. This is a swing. The first swing target is 8.40-.50. The second target is 10-10.25

PG&E Corporation (PCG) had a breakaway pop on Monday as it soared on a deal with wildfire victims, taking it up another 1.53, or 15.8%, to 11.18, with a high of 11.58, on 46 million shares. I think it might extend, but it has to get through 12 in order to do that. If it does get through 12, the next target is 13 1/2.

Sorrento Therapeutics, Inc. (SRNE) was up 29 cents, or 824%, to 3.81, with a high of 3.87, on 7.85 million shares on Monday. We recently put a swing on it, and it popped, pulled back, and popped again. I love this look. I think it has a shot at 5 3/4 and 6 1/4 going forward. There may be a takeover.

Wrap Technologies, Inc. (WRTC) swing is looking great. It had a narrow day on Monday, but it was up 19 cents, or 3.33%, to 5.89, with a high of 6.04, on 383,151 shares traded. The volume remains heavy for this stock. It looks like it’s about to accelerate and pop to 6.05, and then run up into the 6 1/2-3/4, maybe even the 7 range.

Stocks on the long side included Bed Bath & Beyond Inc. (BBBY), Canopy Growth Corporation (CGC), Clovis Oncology, Inc. (CLVS), Dynavax Technologies Corporation (DVAX), Express, Inc. (EXPR), Iovance Biotherapeutics, Inc. (IOVA), IVERIC bio, Inc. (ISEE), Akerna (KERN), Repro Med Systems, Inc. (KRMD), Luckin Coffee Inc. (LK), Montage Resources Corporation (MR), Nektar Therapeutics (NKTR), Neoleukin Therapeutics, Inc. (NLTX), Owens & Minor, Inc. (OMI), PG&E Corporation (PCG), comScore, Inc. (SCOR), SeaChange International, Inc. (SEAC), Stitch Fix, Inc. (SFIX), Sorrento Therapeutics, Inc. (SRNE), Stage Stores, Inc. (SSI), ViewRay, Inc. (VRAY), Wrap Technologies, Inc. (WRTC), and XBiotech Inc. (XBIT).




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